J.P. Morgan Files for Crypto Wallet Trademark

ChainPlay

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one year ago

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In another example of the increasing adoption and legitimacy of cryptocurrencies, J.P. Morgan has filed to trademark the “J.P Morgan Crypto Wallet”. The filing was made by the United States Patent and Trademark Office(USPTO) after more than two years of review.

The paperwork just published this week covers terms that largely indicate a digital wallet expansion capable of processing and transferring cryptocurrencies and other digital tokens.

Image source: Mike Kondoudis 

J.P. Morgan is not alone in its efforts to secure legal protection for crypto-related services and products, as the likes of Mastercard, Visa, and Apple has all launched such initiatives over the last year or so.

J.P Morgan and Cryptocurrency

Despite the recent advances towards crypto, the CEO of J.P. Morgan, Jamie Dimon, is known to be a skeptic of digital currencies like Bitcoin. Dimon has gone so far as to call cryptocurrency platforms “decentralized Ponzi schemes” and claim Bitcoin as “a Fraud” to express his disapproval over its adoption.

Contrary to his claims, the bank has made significant steps toward web3 adoption. J.P. Morgan reached out to crypto exchanges such as Coinbase and Gemini to collaborate on providing additional banking services.

Although not directly handling cryptocurrency, the bank will offer fiat-based transactions for U.S based customers. This move comes amid the growing popularity of cryptocurrencies and a looming bear market.

JP Morning also collaborated with Decentraland to build metaverse-like spaces in web3, extending its network to encompass blockchains like Ethereum and Polygon.